Magnum Opus Financial | Retirement Planning

retirement 1) If your company 401(k) doesn't match, then get your own IRA. Please talk to your tax professional about the difference between the Roth IRA and the Traditional IRA. You will need to decide if you are eligible for a Roth IRA or if you need to reduce your taxes now or in the future. Please consult with your CPA or other tax professional.

2) If you're young, please, be aggressive. You have years and years to recover from losses. But you can almost never make up for having your money in the wrong place for years. Go to Yahoo.com/Finance and type in PGJ or PIN and then use the interactive chart to compare it to the SPY over the same time period...no contest. If you're 20, trying buying things like PIN or PGJ instead of SPY. To find out more about what those are, please see our Investor Education Center for more details.

3) Invest according to your age, time frame, temperament, etc (please see our legal disclosure) for definitions of these very important terms. Bottom line, if you're 20, please act like it. You'll thank yourself in the future. If you're 60, please act like it, you'll thank yourself in the future.

4) Save often and save as much as you can. You can always spend money you have saved. You can never retire off money you haven't saved and you can never spend money you don't have. I hear you can put it on a credit card, but then I hear if you don't pay that they take your stuff back.